We
hope you enjoy this newsletter and find the contents interesting,
understandable, and relevant...especially if you are on a critical
financial path and looking for help.

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On August 29, we published a full page advertorial in the Orange County Register and subsequently bought comparable space in the Press Enterprise
to inform their readers and our community about the our economy in
simple terms. Through a few well crafted articles, interesting data and
several great YouTube and website reference points, we explained how our
country got into this mess; told readers what banks don't want you to
know; and made a persuasive argument that filing for bankruptcy is your
patriotic duty. But above it all...literally as well as
figuratively...James Doan coined a new word: Debtpidemic�. We define a
debtpidemic as a rapid spread or increase in the occurrence of toxic
debt, affecting individuals, corporations, as well as local, state, and
national governments.

Debtpidemic [det-pi-dem-ik] - noun a rapid spread or increase in the occurrence of toxic debt, affecting individuals, corporations, as well as local, state and national governments: Doan Law Firm has officially declared a debtpidemic.

Our
collective debt load has reached such a level that we need a new word
to describe it. We propose "debtpidemic". The pivotal
concept behind this newly coined word is that an epidemic changes the
lives of everyone in a society whether they are infected or not.
At this point in our history, national and personal debt is taking a
heavy toll on our families, friends and loved ones.

Imagine if the bubonic plague swept our great land. It would command our instant attention. Each of us would ...

As
Marketing Director, I receive considerable feedback from our clients.
Nothing is more heartening than to receive an unsolicited testimonial
like the following story. This exemplifies the effect of what we call
the Doan Difference™, a philosophical and practical approach to
treating every client as if we were one. For more information on the
Doan Difference, contact me for a copy of our brochure. Hank@DoanLawFirm.com.

"I
was given your name as the contact at Doan Law Firm to write a THANK
YOU letter for the AMAZING legal assistance your firm gave to me during
my recent Chapter 13 Bankruptcy filing proceedings. In 2005, I was a
real estate millionaire. In 2010, I was in need of filing Chapter 13 due
to several real estate related debts after the collapse of the real
estate market.

It
took me at least a year to finally make the decision to file
bankruptcy...and I wish I hadn't waited so long. I was originally
intending to file Chapter 7. However, one of your team members, Brian,
whom I met in Santa Ana, really cared about my situation and gave me
such sound advice that not only was I able to keep my existing
residence, but he informed me that if I filed Chapter 13, there would be
a way to remove the 2nd trust deed loan on my primary residence as well
as unsecured debt. I thought it was too good to be true but everything
he told me was fact.

I
had a pending wage garnishment that was about to happen, so your team,
Brian and Alicia, went into immediate action and filed an emergency
bankruptcy action...which stopped the wage garnishment. Then Jay got
involved and worked up my financial profile...represented me to the
Chapter 13 trustee with finesse and style...and now all that is left is
the creditor meeting, and in 5 years, I will be done making payments to
the court and this whole nightmare will be behind me.

Now
that you know my story, the purpose of writing this e-mail is to
personally thank your firm for hiring the caliber of professionals you
do. Here are the attributes I would describe Brian, Alicia and Jay:

Extremely
Responsive to their clients: They keep clients informed and respond
back to clients at lightning speeds. I never had to worry about getting a
prompt response from any of them.

Precision
in Communication: They listened to my questions/concerns with
caring/compassion and answered all my questions to my complete
satisfaction. They did NOT try to pacify me or blow me off...but
answered every question I had with an answer - NOT with another question
or with "smoke and mirrors". If there was a deadline I needed to meet, I
knew what that deadline was in enough time to complete the task. There
were no 'emergencies' that I had to handle at the last minute.

Accurate
Advice: I felt that I could 'trust' the advice I received from
employees at Doan Law Firm. Brian and Jay had given me accurate legal
advice and had gained my respect and trust (which is not an easy thing
to do)."

Given me my Life back: I am
now able to answer my own telephone without the fear of harassment by a
debt collector. I owe this privilege to the excellent work of Brian,
Alicia and Jay at the Doan Law Firm and the wonderful assistance they
gave to me during this entire process.

Please
feel free to use me as a reference at any time for future client
referrals. A job well done deserves recognition and future business
through referrals."

- Leta Johnson

The 48 Year Credit Card Hamster Wheel

Many
clients come into our office exhausted. They've been running on a
hamster wheel trying to keep their credit cards happy with a minimum
payment each month. They've pulled money from every possible source,
extra jobs, kids' college funds, their 401K, and even other credit
cards.

Despite running for
years, they've gained no traction. They are in fact further behind than
when they started and they're saying "uncle". Only a farfetched lotto
win will bring the upturn they need because it takes 48 YEARS to pay off
a $15,000 credit card paying the minimum monthly payment! Imagine
you're 30, part of a young family, ferrying kids to soccer practive. You
will be writing the very same check as you bounce your grandchildren on
your knee.

It's our desire
to help people get on the upswing without years of heartache and
struggle. If you haven't already, see how bankruptcy can rid you of your
financial concrete boots.

Did You Know?

The following information was broadcast by NBC Nightly News on September 16, 2010:

In 2009, 14.3% of our nation was below the poverty line defined as less than $22,000 for a family of four.

That's 43.5 million people or 1 in 7

25% of African Americans; 25% of Hispanics

1 in 5 or 20% of all children fall into this poverty category

According
to Realty Trac, a housing research firm, foreclosures spiked in August
of this year with banks seizing 95,364 homes. Foreclosures were up
25 % from August 2009 and at their highest level since the company
started tracking this data in 2005.

And,
most incredible is the fact the recession is finally over. In fact, it
has been since June of last year. At least, that's what we've been told
the by National Bureau of Economic Research. The Great Recession, the
longest and deepest business contraction since World War II, technically
ended in June 2009. After reviewing the data above, I can only assume
that many of us must have been in a coma last June. How else could we
have missed such a major economic shift? It's still difficult at best to
understand. Here in California, 1 in 4 homes are in foreclosure and our
unemployment rate is north of 12%

Oh, and by the way, in 2009, the same
year they claim that the Great Recession ended, more than 1.4 million
Americans filed for bankruptcy, a 32% increase from 2008. As we enter
the 4th quarter of 2010 it appears that we'll dwarf 2009 filings.

Sleep Peacefully Tonight... In Your Own Home

A common question we often hear is, "Can I keep my house in bankruptcy?" As with most bankruptcy questions, the answer is a hearty, "it depends". So, let's narrow it down a bit.

The
day you file a Chapter 7 bankruptcy, you receive an automatic
stay. The automatic stay prevents any creditor from taking any
action against you. This means your mortgage company, cannot
foreclose no matter where they were in the process. In your
bankruptcy petition (paperwork) you indicate if you plan to surrender
the home or keep it. In bankruptcy, the general rule is if you
keep the asset you keep the debt.

If
you are current on your mortgage payments, you can continue to make
those payments and take the house through the bankruptcy, paying all the
way. If you are not current, you need a plan that will get you
current. The key is usually in the automatic stay. As we
mentioned, when you file, every one of your creditors must stop all
collection action. You won't be paying your credit cards and wage
garnishments and bank levies will stop. That can give you just the
breathing room you need to catch-up your home. Some clients
borrow the back amount from a family member or friend. If the
house makes sense once you jettison all the other debt, it can be a good
idea to borrow to catch up the back payments.

The
reason you need a plan for bringing your house current and a time frame
on the plan is that the bank can potentially file a Motion for Relief
from Stay. When you file bankruptcy, the bank has two options, (i)
wait for the bankruptcy to be complete and proceed with the
foreclosure; or (ii) file a Motion for Relief from Stay asking the court
to allow them to proceed with the foreclosure. There's no way to
predict which path the bank will take. On one hand, if you're not
going to bring the house current, the bank wants the property. On
the other hand, it will take about 2 months for the court to hear a
Motion for Relief from Stay and the bank knows the bankruptcy will be
complete in about 6 months. A Motion for Relief from Stay costs
the bank attorney and filing fees, so they may decide to wait.

Another
important thing to note at this juncture is that if you keep the asset
(house) and keep the debt (mortgage), you keep the debt as it is.
The bankruptcy court doesn't have the power to modify a home loan.
There's been some discussion among the powers-that-be about grating the
court that power, but for now they don't have it. If you keep the
house, it will be with the current mortgage. You do still,
however, have the right to continue to engage in any loan modification
discussions with the bank.

John Paul Getty: If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem.

A
preacher went into his church and he was praying to God. While he was
praying, he asked God, "How long is 10 million years to you?" God
replied, "1 second." The next day the preacher asked God, "God, how much
is 10 million dollars to you?" And God replied, "A penny." Then finally
the next day the preacher asked God, "God, can I have one of your
pennies?" And God replied, "Just wait a sec."

Awesome Resources

Virtual Attorney™ is a unique series of short videos that educate, entertain, and gently guide you through the bankruptcy process.

REAL TIME U.S. FINANCIAL STATEMENT

www.usdebtclock.org
illustrates the debt and true financial condition of our country on a
continuous basis. this is a most amazing clock for Americans and the
world to watch.

HOUSE OF CARDS

www.crisisofcredit.com
distills the core of our economic crisis into a short and simple story
by transforming a complex subject into something easy to understand.

Here's a Bankruptcy Buck for you or a friend... good for $100 off total fees!

Terms of Use:

This coupon must be presented at time of initial consultation.

Consulting attorney will reduce total fee by $100 at the time of retainer.

doanlaw.net is an informational website sponsored by Brothers Law Group LLP (dba Doan Law Group), Law Offices of Gregory J. Doan Esq APC, SN Doan APC, Michael G. Doan APC, and Shawn A. Doan APC. Each of the foregoing entities individually owns and operates its respective law practice. Each entity has been designated by the Federal Government as a qualified debt relief agency that helps folks file bankruptcy under the bankruptcy code.
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